1926 Silver Dollar Value: Peace Design, D, S and No Mint Mark

In this article

Quick answer

A normal 1926 U.S. silver dollar is a Peace dollar containing 90% silver, not a Morgan dollar. Its nominal weight is 26.73 grams and its fine-silver content is approximately 0.7734 troy ounce. No mint mark identifies Philadelphia; D and S identify Denver and San Francisco.

The PCGS retail guide checked October 22, 2026 lists Philadelphia regular strikes at $90 in Very Fine 20, $150 in Mint State 63 and $525 in Mint State 65. These estimates apply to the stated mint and grade. A worn D or S coin, a cleaned example or an attributed die variety requires a different comparison.

Coin photos

1926 Philadelphia Peace dollar obverse: the date is below Liberty and TRVST is normal lettering.

Same 1926 reverse: inspect below ONE near the eagle’s tail for D or S.

Basics & coin story

Anthony de Francisci’s Peace design succeeded the Morgan dollar in 1921. The Liberty portrait and resting eagle provide a different visual language from Morgan’s portrait and spread-winged eagle. The Mint describes the Peace dollar as marking the peace following World War I, making identification of the type part of understanding the coin’s purpose.

PCGS lists a Philadelphia mintage of 1,939,000 for 1926. Production totals are not surviving population counts or automatic measures of rarity at a particular grade. The year continued the lower-relief design used after the first-year high-relief issue. Use the Peace-dollar series guide for the broader chronology and the 1925 guide for the preceding date.

Identification at a glance
Feature	What to check
Type / denomination	Peace dollar / $1
Designer	Anthony de Francisci
Metal	90% silver, 10% copper
Nominal weight / diameter	26.73 g / 38.10 mm
Fine silver	Approximately 0.7734 troy ounce
Edge	Reeded
Regular issues	Philadelphia: no letter; Denver: D; San Francisco: S
Mint-mark location	Reverse, below ONE near the eagle’s tail

Identification

Read the Peace design before the price chart

Liberty faces left on the front, while the reverse eagle rests above the word PEACE. A normal 1926 dollar is not a Morgan issue. A listing that pairs an 1890s Morgan image with a 1926 title is not a useful identification reference.

Find D or S on the reverse

Inspect the small area below ONE near the eagle’s tail. A clear D or S selects a different catalog entry; no mark is normal for Philadelphia. Do not use the Morgan mint-mark location above DOLLAR when searching this design. Photograph an uncertain letter under changing light before deciding it is absent.

TRVST is intentional lettering

The design uses a classical V in place of U in TRUST. That spelling is not an error, does not indicate an unusual alloy and does not create a premium by itself. Scratches, raised die features and worn letters should also be separated from normal design choices before any variety claim is made.

Condition & value

Amounts are in U.S. dollars. PCGS retail-guide examples were checked October 22, 2026 and apply only to the stated issue, grade and designation. They are not guaranteed purchase offers; current market conditions and selling costs can change the amount received.

Value comparisons: match the issue before using a price
Issue	Grade / condition	Value or reference	Basis	Important condition
1926 Philadelphia regular	VF20	$90	PCGS retail guide	Problem-free circulated example
1926 Philadelphia regular	MS63	$150	PCGS retail guide	Uncirculated, correct mint
1926 Philadelphia regular	MS65	$525	PCGS retail guide	High-grade surface quality must match
Contained silver	Approximately 0.7734 troy oz	0.7734 × silver spot per oz	Metal-content calculation	Not the full collector value or guaranteed offer
1926-D / 1926-S / attributed variety	Exact mint, grade and attribution	Use matching evidence	Separate comparisons	No Philadelphia price transferred

Look for friction in Liberty’s hair and on the eagle’s high points, then examine the fields for contact marks and hairlines. Soft central detail may reflect strike quality rather than circulation, so the design’s sharpness alone should not assign a grade. Mint State (MS) means uncirculated, not merely attractive or bright.

A contained-metal reference is approximately 0.7734 multiplied by the silver price per troy ounce. Collector demand can add a premium, while cleaning or damage can affect appeal. Compare completed sales of the same mint and grade, and distinguish a dealer’s asking price from a completed transaction. The grading guide and surface-alteration guide help make that comparison consistent.

Summary

Identify the Peace design, find no mark, D or S, and assess grade and surfaces before using a price. TRVST is normal. Keep the 90% silver calculation separate from collector premiums and use matching mint evidence rather than treating all 1926 dollars as one issue.

FAQ

Is a 1926 silver dollar a Morgan or Peace dollar?

A normal 1926 U.S. silver dollar is a Peace dollar. Morgan dollars were not issued with the 1926 date.

Where is the mint mark on a 1926 Peace dollar?

It is on the reverse below ONE near the eagle’s tail. D identifies Denver and S San Francisco; no mark is normal for Philadelphia.

Why does a 1926 dollar say TRVST?

The design uses a classical V in place of U. It is intentional lettering, not a mint error.

How much silver is in a 1926 dollar?

A standard example contains 90% silver and approximately 0.7734 troy ounce of fine silver at the nominal 26.73-gram weight.

References

References and further reading

Sources and quoted guide evidence checked October 22, 2026. Guide estimates, historical sales, face value and metal-content calculations are identified separately.